Essar Global Holdings Limited Key Developments

Adani Ports Is Reportedly In Talks To Acquire Essar's Ports Business

Mar 4 15

Adani Ports and Special Economic Zone Limited (BSE:532921) is said to be in talks with Essar Global Holdings Limited (Essar Group) to acquire its ports business. According to multiple sources in the know, early stage discussions have been ongoing between both sides and may soon progress to a formal diligence. When contacted, the Essar spokesperson denied about any ongoing negotiations with Adani, reported Economic Times, "Essar Ports owns strategic port assets which are integrated with Essar's other key businesses like Essar Steel, Essar Oil and Essar Power. We deny your information and it is not our policy to comment on market speculation."

Essar Group Faces Public Interest Litigation

Feb 27 15

A Public Interest Litigation has been filed in the Supreme Court against the Essar group after an internal source leaked the company's correspondence and exchange of communication favoring powerful and influential. A whistleblower has leaked inside information revealing the names of senior politicians including Union Minister of Road Transport and Highways Nitin Gadkari, former Coal Minister Sriprakash Jaiswal and senior Congress leaders Digvijay Singh and Motilal Vora. Email communication leaked by the source also mentioned Essar group's resources being at the disposal of prominent journalists and bureaucrats. The 25-page PIL has been filed by eminent lawyer Prashant Bhushan.

Essar reportedly shows interest in Nokia's Chennai plant

Feb 26 15

Essar Global Holdings Limited has shown interest in taking over Nokia Corporation (HLSE:NOK1V)'s mobile handset manufacturing plant near Chennai, which has been frozen over tax claims. According to sources close to the discussions, it is not clear what Essar’s plan is because the group does not manufacture mobile devices. Its only interest in telecom is through The Mobile Store, a cellphone retail chain. A query to the Essar group spokesperson went unanswered and Tamil Nadu government officials were not available for comment.

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